South Korea's $11B TIPS Program Expands with AI-Driven Strategy.

Sejong, South Korea—The Ministry of SMEs and Startups unveiled a comprehensive strategy for its Technology Incubator Program for Startups (TIPS), which has attracted KRW 15 trillion (US$11 billion) in follow-up investments and created 22,549 jobs over the past decade.

The ministry announced the "TIPS Next Strategy" at an event at the Raum Art Center in Seoul, attended by over 400 participants, including startup operators and industry experts.

Since its inception, the program has supported more than 3,200 startups. 

In 2023, CB Insights recognized it as one of the Top four Global Accelerators.

The new strategy comprises four key initiatives: scale-up support, overseas expansion, regional development, and governance implementation.

The ministry will implement an AI-based performance system for company diagnostics and expand its Global TIPS program from 20 to 30 participants in 2025.

"In an era defined by technological dominance, supporting and nurturing tech startups with promising technologies is more critical than ever," said Minister OH Youngju.

The strategy includes establishing a dedicated global R&D track for international collaboration and restructuring the Pre-TIPS program to focus on regional companies outside the capital area.

The ministry will introduce a "TIPS Company of the Year" award and a "TIPS Operator of the Year" recognition to highlight exemplary participants and strengthen policy interconnection.

TIPS operates through private sector expertise, with MSS-selected operators choosing startups for government support in R&D funding and commercialization assistance.

The program will introduce a private loan program for scale-up growth funding and expand post-TIPS financing for companies with outstanding performance.

Additional support includes organizing meetups with foreign business delegations and leveraging overseas South Korean networks to facilitate international expansion.